Construction to Begin on Forest City Hawaii’s $140M Apartment Complex in West Oahu; Hunt Development Breaks Ground on $65M Luxury Residential Project on Maui
- Oct 11, 2014
Construction on Forest City Hawaii’s 499-unit mixed-use residential rental complex on West Oahu will soon begin, the Pacific Business News reports.
Called Kapolei Lofts, the project entails an investment of $140 million. It will feature one-, two- and three-bedroom apartments, ranging from 400 to 1,200 square feet, as well as a variety of amenities, including commercial space, a community center/clubhouse, a 1.34-acre linear park and parking.
Kapolei-based Delta Construction Corp. is in charge of the project’s site work. Completion of the new complex is expected in about two years.
Out of the total number of units, 100 apartments will be reserved for households earning up to 80 percent of the area median income (AMI), while another 200 will target renters earning up to 140 percent of the AMI. The remaining 199 units will be rented at market rates.
In other news, Hunt Development Group has celebrated the groundbreaking of its $65 million luxury residential development in South Maui.
According to the Pacific Business News, the 68-unit Nuu Aina project at 1345 Piilani Highway in Kihei will feature one- and two-story single-family homes and two-story villas.
The new development will spread across 17 acres of land surrounded by the Maui Nui Golf Club. It will be located above the Piilani Highway, between Kalepolepo Beach Park and Kalama Beach Park. Amenities will include a pool, hot tub, outdoor kitchen facilities, as well as golf course privileges.
Maui-based Goodfellow Bros. is in charge of the project’s site work. The first phase of construction is expected to create about 15 full-time jobs.
“We are starting the grading right away,” Steve Colon, president of Hunt Development Group Hawaii Region, told the newspaper. “Many more (jobs will be created) over the life of the entire project.”
Hunt is currently in the process of selecting a builder, which will also be handling the sale of the new homes.
Photo credit: Forest City Hawaii via bizjournals.com
For our most recent Hawaii office, retail and industrial market snapshot, click here.